Twitter Inc. (NYSE: TWTR) is testing a new feature that lets users share information temporarily and involves minimal interaction with other users on the platform.
What Happened
The social media users will be able to share the information that will disappear after 24 hours, and other users would only be able to respond via direct messaging with no option for likes, retweets, or replies associated with the platform.
"People often tell us that they don't feel comfortable [tweeting] because [tweets] can be seen and replied to by anybody, feel permanent and [performative]," Twitter product lead Kayvon Beykpour said in a statement. "We've been listening to this feedback and working to create new capabilities that address some of the anxieties that hold people back from talking on Twitter."
The feature, initially only available in Brazil on both iOS and Android devices, is akin to the stories feature on Snap Inc.'s (NYSE: SNAP) Snapchat platform and Facebook Inc.'s (NASDAQ: FB) social media platform and subsidiary Instagram.
I know what you're thinking: "THIS SOUNDS A LOT LIKE STORIES!". Yes, there are many similarities with the Stories format that will feel familiar to people. There are also a few intentional differences to make the experience more focused on sharing and seeing people's thoughts. pic.twitter.com/OaGYZpChcN
— Kayvon Beykpour (@kayvz) March 4, 2020
Price Action
Twitter's shares closed 3.06% higher at $36 on Wednesday and traded slightly lower at $35.71 in the after-hours session. The shares surged this week on Elliott Management Corp.'s reported push for replacing Jack Dorsey as the company's CEO as it acquired a substantial stake in the social media company.